LGX Oil + Gas Inc. Enters into $25 Million Bank Facility

CALGARY, Nov. 29, 2012 /CNW/ - GX Oil + Gas Inc. ("LGX" or the
"Company") (TSXV: OIL) is pleased to announce that it has entered into
a new $25 million banking facility replacing the existing $7 million
facility. The new facility consists of a $20 million operating line
and a $5 million acquisition/development line syndicated facility led
by National Bank of Canada and includes Canadian Western Bank. The
facility is a borrowing base facility subject to semi-annual review by
the syndicate, with the next review scheduled for no later than May 1,
2013. The Company expects the facility will be in place by early
December, subject to finalizing formal documentation. The closing of
the previously announced bought deal financing along with the new
credit facility provides the Company with significant financial
flexibility to conduct its operations.

LGX is a uniquely positioned, technically driven, junior oil and natural
gas company with a proven management team committed to aggressive,
cost‐effective growth of light oil reserves and production in large
hydrocarbon in‐place assets and resource plays. LGX's common shares
trade on the TSX Venture Exchange under the symbol OIL.